How Strategic Implementation Guides Your Business to Success
Where do you see your business in five years?
It’s a simple question but, in truth, many business owners haven’t looked that far into their future.
Strategic Implementation is all about executing your business strategy. It sounds like a straightforward concept. Still, day-to-day operations of your business and ‘putting out fires’ can be overwhelming.
That’s where an ‘outside eye’ can help – someone who understands your industry and your market position.
Once you put your plan into action, you need to clarify your company’s identity. What is your competitive edge, and how do you define your key performance indicators (KPIs)? Where do you want to take your business? And how does that affect areas like finances, marketing, and acquisitions?
It’s all about taking your business to the next level.
Look at a real-world example. In the early 2010s, Facebook realized it had an ageing audience. Younger users were leaving the social networking service in huge numbers. So, in 2012, they purchased Instagram for a staggering $1 billion.
The photo-sharing app went from 30 million to 150 million users in just two years. Moreover, Instagram attracted younger demographics and brought this audience back to Facebook.
Challenge conventional thought to expand your opportunities
Sometimes it’s hard to think beyond what you’ve known in your industry. ‘Challenging conventional thought’ requires letting that outside eye challenge you. It’s discarding the old excuse, “this is how we’ve always done things.”
Does that translate into hiring new staff? Do you need to drop part of the business that is underperforming? You need a reminder of what inspired you to start your business and what gave you the most personal satisfaction. You’ve created a successful business. Now it’s time to maximize what you’re good at and determine where to take things from here.
What does the future look like when you deliver on your strategy?
Who ever imagined a world where drones could make deliveries? It sounded like something from “The Jetsons.” But in 2013, Amazon had a realization. About 86% of its packages weighed less than five pounds. Why is that significant? Simple: it’s the ideal size for drone delivery. Drones could make cost-effective deliveries, fast, even to remote areas.
Amazon formed a strategy around drone delivery and founded Prime Air in 2016. Today, Amazon is busy ensuring safety, security, and regulatory support. In this case, the strategy behind the big idea is to be patient and do it right.
Focus on the ‘big impact’ items
There is never a shortage of creative ways to move your business forward. The key is to focus first on the things that make the biggest impact on your business.
So, where do you see your business in five years? With a sound business strategy and the right team to deliver on it, there are no boundaries.